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FAVOR, ANY OPPOSED THE MOTION PASSES UNANIMOUSLY. MOVING TO ITEM 23 DANCES 0154 MINUTES OF
[Minutes of the Tax Increment Reinvestment Zone Number One (TIRZ1) Board Meeting of February 21, 2023]
THE TEXTS. INCREMENTAL REINVESTMENT ZONE NUMBER ONE CHURCH, ONE BOARD MEETING OF FEBRUARY 21 2023. MOTION TO APPROVE SECOND. OCEAN BY AMERICAN FULLER, SECOND BY COUNCILWOMAN FELT US ALL IN FAVOR OPPOSED MOTION PASSES UNANIMOUSLY. ADAM NUMBER 23[Presentation of the 2022 TIRZ 1 Annual Report]
DANCE 016 SIDE PRESENTATION OF THE 2022 TOURS, ONE ANNUAL REPORT. CHANCE MILLER. THE FLOOR IS YOURS. THANK YOU. GOOD AFTERNOON. CHANCE. MILLER ACCOUNTING MANAGER EVERY YEAR.WE HAVE TO GO THROUGH THIS PROCESS. AFTER WE FINISH HER AUDIT. UM WE'LL GO THROUGH AND DO THE SAME REPORT THAT WE ALSO PRESENT TO YOU SEND IT TO THE MES DE COLLIN COUNTY. WE ALSO SEND IT TO THE STATE CONTROLLER. SO I'M GONNA GO TO REVIEW THE NUMBERS, AND I'LL BE HAPPY TO ANSWER ANY QUESTIONS ALONG THE WAY DEMAND POINT OF THE REPORTING SCENES THAT WE CAN SHOW THEM A FEW THINGS. ALRIGHT, LET'S SEE THIS WORKS. CAN MAKE IT SMALLER, OR AM I. OH, WHERE'S THE ON BUTTON? THERE YOU GO. ALRIGHT SO WE'RE IN. THIS IS FOR 2022 GOING BACK A LITTLE BIT IN THE MIDDLE OF 2023 RIGHT NOW, BUT OUR YEAR IN SEPTEMBER 30TH UM, WE'RE GONNA HAVE SOME BROAD INFORMATION AT THE BEGINNING OF EACH PACKAGE SHOWS. UM YOU ALL AND I DON'T KNOW WHAT THAT WAS.
I'M SURE A FEW OF THE CITY STAFF THAT WORK ON THIS ON AN ANNUAL BASIS. THE KIND OF GO THROUGH THE PURPOSE. WHAT THE DUTIES WAS WHEN WE ESTABLISHED THE TERMS THE GOALS. AND THEN WE, UM, DESCRIPTION OF THE BOUNDARIES. SO THIS IS THE FINANCIAL INFORMATION SO. FOR 2022. WE HAVE 4.6 MILLION AND SELLS TAX AND PROPERTY TAX. THIS WAS AN INCREASE OF 14% FROM LAST YEAR.
WE ALSO HAD 94,000 AND INTEREST INCOME AND WE HAD 16.7 MILLION IN PROCEEDS FROM THE ISSUE INTO LONG TERM DEBT. THIS IS THE FIRST ISSUANCE OF THAT FROM OUR TOURISM BOARD. MOVING DOWN TO THE EXPENDITURES. FOR TOURISM, ONE WITH GENERAL ADMINISTRATIVE EXPENSE FOR 40 POINT, $40,630.
WE HAD BOND ISSUANCE COSTS OF 216,000. AND WE HAD A COUPLE ARE FOR THE PROJECTS THAT YOU ALL PROVED THROUGHOUT THE YEAR FOR RESERVATIONS OF THE STOREFRONT FOR LOUISIANA STREET. VARIOUS THAT COME TO YOU ALL THAT YOU APPROVE AT THAT TIME. TALKING ABOUT THE DEBT ISSUED 16.145 MILLION DEBT. THIS IS A 30 YEAR TERM. THAT VARIES AN INTEREST RATE FROM 3.5% TO 5. OR LOOKING AT THIS BALANCE IS STILL DO AS OF SEPTEMBER 30TH OF 2022 2023. WE PLAN ON PAYING 0% OF THE PRINCIPAL AND 675,000 OF INTEREST WITH THE ISSUANCE OF THE FIRST TIME DEBT FOR TOURISM ONE, WE PRO OR WE WAITED A YEAR AND A HALF BEFORE WE STARTED MAKING PAYMENTS ON PRINCIPAL TOO. SO 2024 YOU'LL SEE THE NORMAL PRINCIPAL AND INTEREST PAYMENTS AT THAT TIME. DO YOU WANT QUESTIONS NOW? OF COURSE NOT. YEAH, OF COURSE. UNDERWOOD VOTE BY THIS BODY. DID YOU AUTHORIZE THAT INDEBTEDNESS. YOU ALL APPROVED ISSUE. THE DEBT FOR THIS BOND WAS TAKEN TO YOU ALL IN 2022. I DON'T HAVE THE EXACT AGENDA ITEM OR WHAT MEETING 22 CORRECT? YES, WE HAD A VOTE ON ON EXTENDING THE TOURS AND PRESENTING THAT BACK. BUT WHEN DO WE ACTUALLY HAVE ANY KIND OF VOTES ON THE BOND ITSELF ON BRACKETING THE RATES AND WHAT KIND OF TERM LENGTH AND THINGS LIKE THAT BECAUSE ALL WE DID WAS TALK ABOUT THE AGREEMENT AT THE PRIOR MEETING IN JUNE. I BELIEVE HOLLOWAY TOOK IT THERE. AND I BELIEVE I WAS TALKING TO CITY COUNCIL AS WELL. I DON'T HAVE THE EXACT DATES ON ME THAT I WOULD BE HAPPY TO GET FOR YOU. THAT WOULD BE IF IT WAS DONE IN THE CITY COUNCIL AND A VOTE BY THE CITY COUNCIL. THAT WOULD BE INDEBTEDNESS TO THE CITY COUNCIL, NOT TO THE TOURS ITSELF. LEAVE THE LEGAL SIDE. I DON'T EXACTLY KNOW. PLACE NO VOTE FOR OR AGAINST, AND NOT THAT I'M NOT THAT I'M AGAINST IT. I THINK IT WOULD BE ACTUALLY A VALID BOND PACKAGE. I'M JUST THINKING SOME THINGS WERE DONE A LITTLE BIT OUT OF ORDER BECAUSE THE TOURS ITSELF NEVER TOOK A VOTE ON THE INDEBTEDNESS TO THE TOURS. I HAVE TO REFRESH MY MEMORY AND GO BACK TO THE PROCESS. I BELIEVE WE HANDLED EVERYTHING ACCORDINGLY. MARKET THAT BE POSSIBLE. POSSIBLE. THE CITY COUNCIL TOOK IT THAT WOULD BE TAKEN UPON THE CITY COUNCIL'S CITY COUNCIL WOULDN'T HAVE VOTED FOR IT TO RESPOND. RATIFIED IT. BUT, YEAH. YEAH I'M JUST LOOKING AT THE DATES WE HAVE HERE ON JUNE 21ST. THE JOINT TOURS MEETING WAS HELD, AND THAT'S WHERE I BELIEVE BOTH TOURS BOARDS AND THE CITY COUNCIL. APPROVED THE CONCEPT IF YOU WILL
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OF DEBT. THE TOURS. BONDS WERE APPROVED BY THE COUNCIL ON JULY 19TH. THAT WE CLOSED THE BOND SALE ON AUGUST 31ST WITH RESPECT TO TRES APPROVAL OF THE BOND DEBT ITSELF. THE DEBT ISSUANCE THAT I DON'T KNOW WE HAVE TO FIND THAT OUT. I THINK THAT'S WHAT COMMISSIONER HAIL MIGHT BE REFERRING TO. SO YEAH, UNLESS THAT WAS INCLUDED IN THE JUNE 21ST. WE WOULD HAVE WANTED TO HAVE IT TO WHERE THE TOURS AND IT WAS THE JUNE 21ST COME BRING THE DEBT AND NOT THE CITY BECAUSE THAT PUTS THE CITY INTO A BIND. WHEN IT COMES TO SB TWO AND THOSE TYPE OF THINGS AS I SAID, IT MAY HAVE BEEN THE JUNE 21ST MEETING THAT IT WAS APPROVED. CHECK THAT. ALL RIGHT.I WANT TO GO ON TO BULLET POINT NUMBER FOUR. SO THIS IS KIND OF SHOWS THE PROPERTY VALUES AT THE TIME THAT WE ISSUE TURNS ONE IN SIERRA BASED VALUE AT THAT TIME WAS 209,000 FOR THE CITY OF MCKINNEY, OR 209,000,208 MILLION FOR COLLIN COUNTY INTO OUR TAX YEAR, 2021. WE HAVE 582 MILLION WHICH RESULTED IN US CAPTURING 372 MILLION OF PROPERTY TAXES OR VALUE. AND THEN I'M CALLING COUNTY HAD 353 MILLION. THIS WAS AN INCREASE OF 14% FOR EAST JURISDICTION. I'M GOING DOWN TO NUMBER FIVE. WE CAN SEE HOW THAT PLAYED OUT IN PROPERTY TAXES. SO FOR THE CITY OF MCKINNEY, WE, UH HAD 1.85 MILLION OF PROPERTY TAXES THAT WENT BACK INTO TURNS ONE. THIS IS AN 11% INCREASE OVER THE LAST YEAR. CALLING COUNTY HAD 33RD 297,000 THEN WENT BACK INTO TOURIST ONE, WHICH WAS 11% INCREASE AS WELL. GOING TO SALES TAX TURNS. ONE HAD A REALLY STRONG SALES TAX YOUR AGENCY BACK IN 20 COUNTER YEAR, 2010. THAT WE HAD 1.4 MILLION IN SALES, TAX REVENUE AND 2022. WE HAD 3.9 MILLION. THIS RESULTED IN US CAPTURING 2.5 MILLION OF SALES TAX REVENUE. THIS WAS AN INCREASE OF 673 73,000 OVER THE LAST YEAR, WHICH RESULT WAS 37% INCREASE EVERY YEAR TO YEAR. AT THE BOTTOM KIND OF SHOWS THE SUMMARY OF EVERYTHING, SO IN 2021, WE ENDED OUR FUND BALANCE AT FIVE POINT, 8,000,020 22. WE HAD 21.5 MILLION REVENUES. OF COURSE, A LOT OF THAT WAS THE ISSUES OF LONG TERM DEBT THAT WILL BE GOING OUT IN 2023 FOR THE CITY HALL PROJECT. AND OUR EXPENDITURES WERE 328,000. SO ALTHOUGH WE'RE SHOWING A $27 MILLION FUND BALANCE AT THE END OF 2022, IF WE FACTOR OUT ARE TRANSFERRED TO CITY HALL, WHERE REALLY ABOUT 11.3 MILLION FUND BALANCE AT THE END OF 2022. THE LAST PAGE SHOWS THE MAP OF TEARS, ONE AND I'LL BE HAPPY TO ANSWER ANY QUESTIONS OVER THE TOURISM ONE ANNUAL REPORT AT THIS TIME. ANY QUESTIONS? QUESTIONS. I'M LOOKING AT THE MINUTES IN AN ATTEMPT TO ANSWER MR HALE'S QUESTION. I HAVE NOT FOUND AN ANSWER TO THAT. HOWEVER I DO NOT WISH TO DELAY. UM THERE IS NO ACTION REQUIRED ON THE REPORT. SO WE WILL MOVE TO HELP ITEM 23-16. CONSIDER DISCUSSING
[Consider/Discuss/Act on Amending the Fiscal Year 2022-2023 Annual Budget to Provide Funds for the Purpose of a Rehabilitation Project at 215 N. Kentucky Street Consisting of Façade Improvements, Environmental Remediation, and Critical Maintenance Upgrades]
ACT ON AMENDING THE FISCAL YEAR 2022 TO 2023. ANNUAL BUDGET TO PROVIDE FUNDS FOR THE PURPOSE OF REHABILITATION PROJECT TO 15 NORTH KENTUCKY STREET CONSISTING OF FACADE IMPROVEMENTS, ENVIRONMENTAL REMEDIATION AND CRITICAL MAINTENANCE UPGRADES. ALRIGHT, I'LL BE HERE AGAIN A FEW MORE TIMES. CHANCE MILLER ACCOUNTING MANAGER WE HAVE THIS IS RELATED TO THE 250 OR 12 TO 15 NORTH KENTUCKY STREAK OF ALSO KNOWN AS HARVEST TWO POINT. OH, YOU DISCUSS THE PRIOR TERMS ONE MEETING THEY WAS TAKING THE ALL THAT THEY REQUESTED FORMS OF 31,900 FOR THAT PROJECT. THIS IS A BUDGET AMENDMENT THAT IS TAKING THAT FULL AMOUNT FOR FUN BALANCE AND WILL BE ALLOCATED TO THE ECONOMIC INCENTIVE ACCOUNT, WHICH WILL ALLOW US TO PAY THEM OUT ON THE REIMBURSEMENT BASIS.THEY HAVE TO SHOW US THE RECEIPTS AND THEN WE WILL REIMBURSE TWO LEFT FOR PROJECTS FOR THE REMAINING OF THIS FISCAL YEAR UNTIL SEPTEMBER, 30TH AT THAT TIME, WE'LL START THE NEW BUDGET YEAR, WHICH WILL HAVE YOUR ANNUAL AROUND 300 K FOR NEW PROJECTS, BUT THIS STILL ALLOWS YOU THE ABILITY TO MAKE PROJECTS APPROVED PROJECTS THAT THERE ARE MANY OF THIS YEAR. I ALSO KNOW THAT THEIR ORIGINAL ORDINANCE HAD TWO NUMBERS TRANSPOSED THAT SHOWED THE RANGE OF 41,900 THAT WAS FIXED BY AN AMENDED AGENDA. AND SO THAT WHAT YOU ARE PROVING TODAY WOULD BE 431,900, WHICH WAS THE FOUR REQUESTS FROM HARVEST TWO POINT OH, THAT WAS PRESENTED TO YOU ALL AT THE PRIOR BOARD MEETING AND I'LL BE HAPPY TO ANSWER ANY QUESTIONS AT
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THIS TIME. ALSO MENTIONED THE FUND BALANCE FOR A LITTLE OVER 14 MILLION AT THIS TIME.PROJECTING TO BE AT 15.5 MILLION AT THE END OF THIS YEAR, SO YOU CAN TAKE OUT THE 431,000 OUT OF THOSE NUMBERS, AND I'LL BE HAPPY TO ANSWER ANY QUESTIONS. QUESTIONS. ACCEPT THE MOTION.
SECONDED. RIVER APPROVAL. JACKET. MOTION MADE BY MEMBER HAIL SECOND BY MAYOR FULLER ALL IN FAVOR BY IMPOSED MOTION CARRIES. NO FURTHER ITEMS ON OUR AGENDA. CONSIDER A MOTION TO ADJOURN COMMOTION. GO AHEAD. COUNCILMAN FELT THIS WAS THE FIRST I HEARD MAKE THAT MOTION TOOK ME OUT VOICE TO TRAVEL. THAT'S RIGHT, YOU SAY SECOND. SECOND BY A COUNCILMAN FRANKLIN ALL IN FAVOR
* This transcript was compiled from uncorrected Closed Captioning.